CUDL OFFERS NEW TOOL TO CUs LOOKING TO ASSIST AUTO DEALERS WITH FACTA COMPLIANCE
Ontario, CA, January 7, 2011 -- In light of the new risk-based pricing provisions of the Federal Trade Commission’s (FTC) Fair and Accurate Credit Transactions Act (FACTA), which became effective January 1, CUDL (www.cudl.com) has developed a new tool to assist credit unions that are looking to provide auto dealers with credit score discloser notices.
In response to credit union requests for a solution that can be made available to auto dealers, the CUSO has developed a tool that allows credit unions to provide dealers with the necessary discloser notices through the company’s lending platform. As a result, credit unions can make credit disclosure notices available to dealers that are looking for assistance with being compliant with new FTC FACTA requirements for risk-based pricing notices.
“Some dealers are turning to lenders for guidance on the new risk-based pricing regulation, and our credit unions were looking for a solution that would assist their dealer partners to meet those regulations,” stated Jerry Neemann, executive vice president and CSO of CUDL. “We are happy to provide an important tool that will help credit unions and dealers navigate through the new requirements effectively.”
CU Direct Corporation, parent company for the CUDL brand, has also confirmed that they will be offering a session addressing the new FACTA risk-based pricing requirements at their 2011 Credit Union Lending Conferences, being held in May, in Newport Beach, California, and in September, in Washington D. C.
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Based in Ontario, California, CUDL® (a CU Direct Corporation flagship brand) is the leader in indirect and point-of-purchase lending services for the credit union industry. As a Credit Union-owned Service Organization, CUDL develops custom applications, training and marketing programs to help credit unions achieve their indirect vehicle lending goals.
More than 900 credit unions and 6,900 dealerships nationwide rely on CUDL’s national lending network to better serve members’ vehicle shopping needs and drive member financing at the point-of-purchase. For more information about CUDL visit www.cudl.com and www.cudlautosmart.com.